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CCS Wins “Future 50” Award

CCS Wins “Future 50” AwardCipperman Compliance Services
Principal: Todd Cipperman
Industry: Investment Management
Location: Wayne, PA
Founded: 2004

In a Nutshell

We measure growth through the number of client relationships that we successfully maintain. Our goal is to offer registered funds, advisers, and broker-dealers a variety of ways to use our services. We can serve as legal counsel to the funds or the advisers, counsel to the independent director and/or chief compliance officer to the fund or the advisers.

Company Shifts

The adoption of the Dodd-Frank Act, which required hedge fund and private equity fund managers to register as investment advisers, has changed our business. While the new law has created hundreds of new potential clients, these new clients have also required a tremendous allocation of resources to educate them on their compliance responsibilities. From a business perspective, this meant that we added much less profitable revenue in the short term, but we are confident that it will translate into longer-term growth.

Growing Pains

As our business grew from a start-up to an emerging growth company, we experienced significant personnel turnover. The people that helped us through the start-up phase either were not prepared for or not interested in the next phase of the company. As we grew and took on more clients, we attracted people who were more interested in growth and the related challenges.

Lessons Learned

While the company was going through significant turnover, it was difficult to separate the personal feelings from the professional ones, as some of the first employees we hired chose other career paths. Eventually I learned that not everybody will or can stay with the company as it grows and changes. Although I don’t look forward to losing people, I now understand that personnel changes are the consequence of growth.

A Great Decision

One of the best decisions that I’ve made as the leader of this company has been to hire a COO. As the company grew, I couldn’t serve all the roles the company needed. Initially, I hired senior sales personnel, with the expectation that I would serve as the COO. That model failed, however, because we quickly realized that I was in the best position to sell our services. So I began to focus on sales and business development and hired a COO. Since then, our company has seen significant growth.

Defining Leadership

A great leader is able to define, communicate and execute a strategic direction. That can be difficult, because a strategic direction can mean not choosing to engage in some potential revenue-producing opportunities. And executing a strategy might be the hardest task because it involves aligning many different components, including people, technology, finance, marketing and sales.

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